TradeXYZ processed $202.36 billion in trading volume during Q2 2026, a 79.2% quarter-over-quarter increase, according to a report published September 1 by GLC Research, Four Pillars and the Hyperliquid Research Collective. Revenue rose 32.9% to $7.59 million, while open interest climbed 64.6% to $2.96 billion. The report has not been independently audited.
Equity perpetuals were the main growth engine. Segment volume jumped 377% to $58.9 billion across 55 names, reducing commodities’ share of total volume from 67.7% in Q1 to 43.1% in Q2. Micron perpetuals generated about $9.7 billion, up 989%; SanDisk reached roughly $6 billion, up 639%; and SK Hynix surged 2,976% to about $4.4 billion, becoming TradeXYZ’s third-largest market by open interest. The share of equity-perpetual volume represented by the Magnificent Seven fell from 39.3% to 15.6% as traders rotated into semiconductor, memory, and other single-stock markets. WTI crude oil volume rose 160% to $45.2 billion, Brent crude increased 202% to $21.6 billion, while forex volume dropped 40.9% to roughly $700 million.
TradeXYZ also expanded into pre-IPO contracts starting May 1 with Cerebras, later adding SpaceX and Quantinuum; those markets reportedly converted into standard equity perpetuals after public listings.
Within Hyperliquid’s HIP-3 ecosystem, TradeXYZ’s average share of volume rose from 84.5% at end-Q1 to 95.1% in Q2, with a trailing 30-day share near 99.5% by late July. The concentration increased after competitors Felix, Ventuals and Dreamcash ceased operations between June 19 and July 2, while Kinetiq paused and returned with a smaller lineup. In March, S&P Dow Jones Indices licensed the S&P 500 to TradeXYZ, enabling the first officially licensed perpetual derivative based on the index for eligible non-U.S. traders.
However, average daily active addresses declined 16.3% to about 16,149, suggesting volume growth was driven by larger positions and trading intensity rather than more wallets. Liquidations reached about $1.77 billion, or 0.88% of volume, led by crude oil. TradeXYZ also disclosed a July oracle-related incident involving its SK Hynix perpetual, where an anomalous but genuine South Korean print triggered about $60 million in liquidations; the platform committed to reimburse affected traders. The report underscores both the scale of HIP-3 markets and the risks of their concentration in one dominant deployer.
